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Budgeting Basics and Funding Requests

Budgeting Basics and Funding Requests. Budgeting Basics. “Budget” Defined. An itemized summary of estimated expenditures over a fixed period of time The total sum of money allocated for a particular purpose or period

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Budgeting Basics and Funding Requests

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  1. Budgeting Basics and Funding Requests

  2. Budgeting Basics

  3. “Budget” Defined • An itemized summary of estimated expenditures over a fixed period of time • The total sum of money allocated for a particular purpose or period • An estimate of income and plans for expenditures, often over a short period of time • Financial planning • To plan in advance

  4. The Big Picture • Plan in Advance • Income • Expenses • Long- and Short-Term Projections • Networking event or off-campus conference • Pizza party • For long- or short-term planning, the goal should be professionalism, efficiency, and prioritization to make your event run smoothly.

  5. Putting Some PEP into Your Budget • Professionalism • Essential attribute for any task – school, organization, or workplace levels • Written and verbal communication • Ask questions! Ask for assistance! • Treat the business school as a real-life organization – because it IS one! If you don’t know someone, introduce yourself, quickly explain your event/problem/question, and put into words what you need. • If you don’t ask, you may not get the information or the result you seek.

  6. Putting Some PEP into Your Budget • Efficiency • Plan ahead. The sooner you know you have to go to ‘plan B’, the better! • Don’t miss small, seemingly insignificant details. If you plan on purchasing white table coverings and the night before the event the only ones in-stock locally are blue and 3x more expensive, have wiggle room in your budget to handle this. • Find balance. Be detail-oriented but not so much that you miss the larger picture. Be it with planning the number of posters to hang on campus or the amount of food to order for an event, take a step back from your event and make sure your planning also accomplishes the goals for your event.

  7. Putting Some PEP into Your Budget • Prioritization • Plan ahead. (See a reoccurring theme?) • Is it more important to decide between fruit versus veggies or to make sure that you have an RSVP deadline established? • Look at the bigger picture event-wise and as an organization overall. If your organization has never sponsored a community event, team up with another organization to co-sponsor a fundraiser that benefits both of your organizations AND a local non-profit. • Be it in the School of Business or in the workplace, ask your peers, advisors, or supervisors for help or advice when you need it. • Know when you have to give into plan B. This is not the same as ‘know when you have to quit.’ Put your thinking cap on to rearrange what you have to to get your end result. Even the most well-planned event can have an unexpected hiccup.

  8. Funding requests

  9. Requesting Funds from the Dean’s Office • When should I request money from the dean? • School-, college-, or community-involved events • Fundraisers • Unexpected changes • Why should I request money? • The dean and the School of Business WANT to support your organization. Alumni and donors ask about our student involvement and have even donated money specifically for student organizations! • How much can I get? • If you don’t ask, you won’t receive; but if you don’t provide full disclosure, you won’t receive either.

  10. Requesting Funds from the Dean’s Office • How do I request money from the dean? • Provide details about your organization and events. • For each event, we need to know:

  11. What Should My Budget Request Look Like? Sole event breakdown:

  12. What Should My Budget Request Look Like? Expense classification breakdown:

  13. What Should My Budget Request Look Like? Expense classification breakdown – version 2:

  14. What Should My Budget Request Look Like? Expense classification breakdown – version 2:

  15. What Should My Budget Request Look Like? Expense classification breakdown – version 2:

  16. What’s Wrong with This Picture?

  17. What’s Wrong with This Picture?

  18. What’s Wrong with This Picture?

  19. What’s Wrong with This Picture?

  20. Where Do We Go From Here? • Get everyone in your organization who deals with finances on board. Meet. Communicate. • Budget templates shown today will be posted online for download. • Use on-campus resources: staff, price guides for on-campus services, etc. • Talk to your advisor before, while, and after planning an event or your overall budget. New requirement: advisors must sign off on all budget requests. • Plan ahead! • Have fun!

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